Ross, 79, said he got official word of the selection late Tuesday when he met with the president-elect at Trump Tower in New York. Reached by phone today, Ross said he likely won’t be able to spend as much time in Palm Beach as he does now, though he will be here for the holidays.

“I will miss those involvements, but I’m certainly not going to sell my house in Palm Beach, so I’ll certainly still be around,” Ross said.

The former Democrat said he has known Trump for about 30 years personally and on a business basis. The Palm Beach Postreports Ross was a $274,400 contributor to the Republican National Committee over the past two years and was a vice chairman of the “2016 Trump Victory leadership team,” which raised money for Trump and the RNC. According to a Palm Beach Post report, Ross was a registered Democrat until this month.

Ross is estimated to be worth $2.9 billion, according to Forbes, and is known as the “king of bankruptcy” for restructuring failed companies and turning them around for a profit.

His new post has many different functions, the most visible of which is trade oversight, and Ross said he will seek revisions on some trade agreements and dealing with countries with which we have trade deficits.

“The real thrust will be to try to improve American exports and try to bring back American jobs,” Ross said. “I’m grateful for the opportunity to try to serve the country. Even though I’m 79, this new task makes me feel like I’m 29.”